Corporate Bonds Start 2019 With Strong Performance

In the investment-grade corporate bond market, the average spread of the Morningstar Corporate Bond Index tightened 5 basis points to +130 last week. In the high-yield market, the average credit spread of the ICE BofAML High Yield Master Index tightened 5 basis points to +429. Since the end of last year, investment-grade spreads have tightened 27 basis points and high-yield spreads have tightened 104 basis points.